Home Buying in 48066>Question Details

Sara, Home Buyer in 48066

Paying cash for a home in Michigan two years after a foreclosure in California.

Asked by Sara, 48066 Sun Sep 30, 2012

*Note to everyone never go to your bank when having trouble making payments. Wells Fargo foreclosed on us in December of 2008 while on an temp adjusted payment plan.We were only three payments behind when we entered into this temp agreement and I had just made my sixth payment. I am very bitter about this. Anyhow since my secondary co-borrower (A family member) couldnt find work and ran out of unemployment benefits. We ended up moving back to Michigan and living with our parents, very embarassing. We want to buy again this time cash for a very inexpensive place. We found a short sale priced right but the mortgage is held by Wells Fargo. We are waiting to hear back from the bank. Will they take our 20K and apply it towards the negative equity from the home in California.

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4
BEST ANSWER
Hi Sara,

California is a non recourse state. Your deficiency should have been completely written off in which case they can't take your 20K.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
1 vote Thank Flag Link Sun Sep 30, 2012
Shanna,
Thank you so much for taking the time to answer my question. I hope to move back to California when things get better someday. Thanks again and have a great week!
Flag Mon Oct 1, 2012
Shanna,
Thank you so much for taking the time to answer my question. I hope to move back to California when things get better someday. Thanks again and have a great week!
Flag Mon Oct 1, 2012
Being a Realtor, I can't give out CPA or law advice. I would advise you to talk to a lawyer and a CPA before buying a house with cash.
1 vote Thank Flag Link Sun Sep 30, 2012
You can buy a home with CASH anytime after a foreclosure. A foreclosure just enables you to get a mortgage. Please let me know if you are in need of a realtor to help you with your purchase. I have almost 10 years full time experience in real estate and would love to help you
Respectfully
Becky Drob
Real Estate One
586.489.6373
bdrob@mirealsource.com
1 vote Thank Flag Link Sun Sep 30, 2012
Sara,

Shanna hopefully answered your question for you. She would be better informed since she's a California Broker. If you have further questions contact a Real Estate attorney.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
1 vote Thank Flag Link Sun Sep 30, 2012
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